erongo nuclear exploration jv : namibia

1st Floor, 47 Ord Street
West Perth
Western Australia 6005
Email: [email protected]
Tel: (61 8) 9322 7822
Fax: (61 8) 9322 7823
23 October 2008
Manager Announcements
Company Announcements Office
Australian Securities Exchange Limited
20 Bridge St
SYDNEY NSW 2000

Dear Sir/Madam,
ERONGO NUCLEAR EXPLORATION JOINT VENTURE – NAMIBIA
In its announcement on 7 March 2008 the Company reported on the status of the
review proceedings being taken by its wholly owned suibsidiary Black Range Mining
(Pty) Ltd and Erongo Nuclear Exploration (Pty) Ltd (Erongo Exploration) against the
Namibian Minister for Mines and Energy and Ancash Investments (Pty) Ltd in the
High Court of Namibia.
The Company has received notice from Erongo Nuclear Holdings (Pty) Ltd (Erongo
Holdings) that its wholly owned subsidiary Erongo Exploration has withdrawn from
the proceedings and that its shareholding in Erongo Exploration has been transferred
to a third party.
The Company has in turn given notice to Erongo Holdings that it maintains that
Erongo Exploration’s withdrawal from the proceedings and the transfer of its
shareholding in Erongo Exploration constitutes a breach of the joint venture
agreement between Erongo Exploration and the Company’s wholly owned subsidiary
Reefton Exploration (Pty) Ltd. The Company is currently addressing these
developments and its rights of action under the joint venture agreement with its legal
advisers.
Yours faithfully,
David Semmens
Company Secretary